The funding is provided by Dubai Islamic Bank, Abu Dhabi Commercial Bank, National Bank of Dubai, HSBC Bank Middle East and Emirates Bank International at a competitive rate of return as compared with more conventional modes of financing.

The financing covers one new Airbus A330-200 aircraft, delivered earlier on April 29. It is powered by Rolls Royce Trent 700 series engines and is the 27th of 29 Airbus A330-200 aircraft currently on firm order. The current passenger fleet stands at 50 aircraft.

“Of our total fleet of 50 aircraft, this is Emirates' sixth wide-bodied aircraft financed using Islamic funds and takes the total amount raised from Islamic investors to more than $500 million for the first time,” said Emirates' Corporate Treasurer, Riyaz Peermohamed.

At the Paris Air show recently, Emirates placed the biggest order in civil aviation history, worth $19 billion. The confirmed orders announced in Paris, along with those revealed at the Dubai Air show two years ago, bring Emirates' current total order book to $26 billion.

The expansion will increase Emirates fleet to 125 aircraft by 2012, as part of long-term plans to serve many new countries. Its order book now includes 45 Airbus A380-800s, 26 Boeing 777-300ERs, eight ultra-long-range Airbus A340-500s, 20 Airbus A340-600 Higher Gross Weight aircraft and one Airbus A330. — (menareport.com)